The Philippines’ Department of Information and Communications Technology (DICT) has signed a Memorandum of Agreement (MoA) with Monsoon Blockchain Storage, a blockchain developer based in the United States. According to ABS-CBN News, the agreement will see Monsoon advise the department on blockchain use cases in public administration.

Providing Decentralized Solutions to the Philippines

The MoA states that Monsoon will serve as an advisor to the DICT and provide services such as cost-benefit and socio-economic analyses on blockchain technology implementation in the Philippines’ public administration.  

Michael Woods, Chairman and Co-Founder of Monsoon Blockchain Storage, claimed that there are many possibilities for blockchain implementation in the country. 

“The country’s upcoming national ID system can be the first to benefit from blockchain technology as well as improving the security of automated elections,” Woods said. “There are Central Bank Digital Currencies that are out there. The Internet of Things, smart cities, smart homes, smart factories, smart campuses, all of that are moving to the blockchain because it’s more secure.”

Blockchain to Improve Ease of Doing Business

Meanwhile, another government agency has signaled that it is open to blockchain adoption to foster business activities. Maria Lourdes Yaptinchay, Director of the Department of Trade and Industry, revealed that it aims to use blockchain to improve ease of doing business in the country.

“For example, in business registration, there is a number of agencies involved in the process. It will be helpful if businesses could just apply once, put in data only once, and then [government agencies] will have a business identifier or a number that can be used to identify them among the different agencies,” she said.

Though the country has lagged behind regional peers in terms of ease of doing business, blockchain technology could potentially enable the Philippines to leapfrog its neighbors in the near future.

Source: https://news.abs-cbn.com